During Banque Misr’s Extraordinary General Assembly meeting yesterday it was decided that an increase to the Bank’s issued and paid capital by LE1.6 billion should ensue making the total to LE 5 billion. This increase will be funded by the bank’s reserves. The meeting was headed by Dr. Farouk Al Oqda, CBE Governor, and attended by the Bank’s auditors, representatives from the Central Auditing Organization and the Bank’s board.

Mr. Mohamed Barakat, Banque Misr Chairman, explained that the Bank’s shares were increased from 680 million to LE1 billion. He further mentioned that the value per share is LE 1 and that all shares are fully owned by the Egyptian government.

Mr. Barakat added that this step comes in light of the rapid expansion of the Bank’s activities, which are reflected in the Bank’s growing annual budget that exceeds LE 180 billion. The capital increase will also help the bank cope with emerging investment opportunities, associated employments and ultimately allow it to continue its role as a key driver of economic growth.